Staff Reporter

To meet increasing demand for pure gold

  • Available in the denominations of 4, 8, 20 and 50 grams
  • Price will depend on bullion rate prevailing at time of purchase

    VIJAYAWADA: The Vijayawada regional office of the Indian Overseas Bank (IOB) on Thursday launched retail sale of gold coins to meet the increasing demand for pure gold. Chairman of Laila Group of Companies Gokaraju Gangaraju inaugurated the sale at the Seetharampuram branch of the IOB.

    Speaking to media persons, IOB deputy general manager A. J. Prasad said the sale was launched simultaneously in 13 branches of the region. In Vijayawada, the coins would be sold at Andhra Loyola College branch, Governorpet branch, Krishnanagar branch, Ring Road branch and Vijayawada branch. In Guntur, they would be sold at Brodipet branch, Chandramouli Nagar branch, Guntur main branch and Nallapadu branch. The remaining branches are in Nellore (two), Anantapur and Kothagudem.

    Features

    Explaining the salient features of the coins, Mr. Prasad said they were made in Switzerland with 999.9 purity. Produits Artistiques Métaux Précieux (PAMP), a leading Switzerland-based refiner of precious metals, minted the coins, which would be available in the denominations of 4, 8, 20 and 50 grams. The coins would be sold in a packed form with tamper proof `certificards' duly certified and designed specially for the IOB.

    "The price of each coin will depend on the bullion rate prevailing in the market at the time of purchase," Mr. Prasad said. Mr. Ganga Raju appreciated the bank's effort in introducing innovative schemes and exhorted the general public to make use of such customer-friendly products.

    Financing

    Mr. Prasad said the bank was offering tailor-made products such as easy trade finance, Alankar scheme for women for purchase of jewellery along with a host of other products. "In Vijayawada, we launched IOB-Alankar loan scheme for women to purchase jewellery up to Rs. 2 lakhs," he explained. Explaining the performance of the region, Mr. Prasad said under priority sector, Rs. 270 crores had been distributed to housing and Rs. 32 crores towards educational loans. "Nearly 4,900 self-help groups have been financed to the extent of Rs. 31 crores," he said.